Law firm of the year

The work that Morrison & Foerster did with Scotiabank and Raymond James, when all three clubbed together to create the first tranche of a discretionary index-based structured products, has been easily one of the highlights of the last 12 months in the US market

Anna Pinedo, Morrison & Foerster

In 2013, Morrison & Foerster lawyers signed off on the first and only completely discretionary index in the US, a stock-picking tool that flips components each month based on analyst picks, in a $128 million offering that dwarfed most other issuances registered with the US Securities and Exchange Commission (SEC) last year. Scotiabank printed another $70 million of the trade in March.

"You worry about a lot of things when you have a discretionary index," says Anna Pinedo, New York-based partner

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